ITEM 15 ATTACHMENT 1 - Laserfiche WebLink

Fund Accounting System The City uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance, and to aid financial management, by segregating transactions related to certain City functions or activities. A fund is an accounting entity with a self -balancing set of accounts established to record the financial position and results of operations of a specific governmental activity. The City maintains the following fund types: Governmental Fund Types General Fund is the primary operating fund of the City and accounts for all financial resources, except those required to be accounted for in another fund. Capital Projects Funds account for financial resources to be used for the acquisition or construction of major capital facilities other than those financed by Proprietary and Special Revenue Funds. Special Revenue Funds account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or capital projects) that are restricted by law or administrative action to expenditures for specified purposes. Debt Service Funds account for the accumulation of resources that are restricted or committed to expenditures for, and the payment of, and interest on the bond issued in support of governmental activities. Proprietary Fund Types Enterprise Funds account for operations that are financed and operated in a manner like private business enterprises, where the intent of the governing body is that the costs (including depreciation) of providing goods and services to the general public on a continuing basis be recovered through user charges. Internal Service Funds account for the financing of goods or services provided by one department or agency to other departments or agencies of the City or to other governmental units on a cost -reimbursement basis. Fiduciary Fund Types 276